NOCIL (NOCIL IN) – Q2FY27 Result Update – Higher realizations offset volume weakness – HOLD
Published on 30 Oct 2026
NOCIL reported revenue of INR4.3bn (PLe: INR3.6bn; Consensus: INR3.9bn), up 33% YoY and 6% QoQ, primarily driven by higher realizations, while volumes declined 3% YoY and 7% QoQ due to temporary supply side constraints and logistical disruptions arising from geopolitical uncertainties. Domestic and export volumes registered single-digit growth in H1FY27. Management expects the disrupted volumes to recover in H2FY27 and remains confident of achieving 10% volume growth for FY27. Looking ahead, the INR1.3bn Dahej expansion is progressing as planned, while the TDQ project is awaiting customer approvals, with capitalization expected in Q3FY27 and commercial ramp-up thereafter. The stock is currently trading at ~19x FY29E EPS. We value the company at 21x Sep’28E EPS and maintain our 'Hold' rating with a target price of INR140.
